Public Goods Are Distinguished by Two Primary Characteristics

question 16

Multiple Choice

Public goods are distinguished by two primary characteristics.What are they?

• A)nonrivalry and nonexcludability
• B)government intervention and low prices
• C)market failure and high prices
• D)rivalry and exclusivity

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Definitions:

Variance

A measure of the dispersion of a set of data points around their mean value, calculated as the average of the squared differences from the mean.

Population

The entire group of individuals or instances about whom the research is concerned or from which the data is collected.

Mean

The average of a set of numbers, calculated by dividing the sum of all values by the quantity of values.

Bell Shaped Distribution

Also known as a normal distribution, it is a probability distribution that has a symmetrical bell-shaped graph, indicating that most of the data points are concentrated around the mean.